Purchase Agreement as Escrow Instructions

In a purchase transaction here in Calfornia there is a bran new approach to conducting escrow and that is to use the purchase agreement as the formal escrow instructions. The California Association of Realtors (C.A.R.) www.car.org provide a from known as the Residential Purchase Agreement and Joint Escrow Instructions (purchase agreement) , and seems to offer the best of all approaches to the escrow process. The form combines the strength of the offer to purchase and escrow instructions into one contract. The reason this effort was made was to make escrow all over the state of California more conforming and less repetitive. Because the purchase agreement is the original agreement between the buyer and seller, it will reflect the mutual agreed-upon desires of the parties when it becomes the actual escrow instructions. Any mutual changes changes are made using an addendum to the original contract rather than amendments to escrow instructions.

For you non California Real Estate Agents do you have a similar escrow revision?  

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

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